It seems like everyone wants your old gold or silver these days. If you are in possession of gold and silver jewelry, diamonds, or coins, you’ve got some good leverage in case you need some quick cash. You can be a little choosy when it comes to price with more jewelry stores and pawn shops in Northern Virginia ready and willing to take it off your hands. So when it comes to old, unwanted, or valuable jewelry, what is your best option, a jewelry store or a pawn shop? When you factor in precious stones like diamonds or high-quality jewelry, a pawn shop will probably be willing to pay you more.
The Ability to Sell to Jewelers
Pawn shops do sell jewelry in their stores, and some specialize in jewelry almost to the exclusion of any other type of item. But where jewelry stores have to wait for you to come in the store and buy a piece, pawn shops have more flexibility. They can choose to sell a piece in their store or sell to a jewelry store. Often, jewelry stores will put in general orders to pawn shops to be on the lookout for specific types of metals, pieces, and stones like diamonds. When a pawn broker knows he can resell your stone or ring, he can offer you more for it than a jeweler, who doesn’t have as much flexibility. If you are shopping for quotes, definitely stop by pawn shops that specialize in jewelry.
You Can Get a Loan Instead of Selling Your Jewelry
A lot of people say they’re pawning something when they mean they’re selling it for cash to a pawn shop. The actual definition of pawning something is to get a loan on the collateral. For instance, you have your grandfather’s highly desirable pocket watch in your possession, but you also have a need for some quick cash right now. You know you can repay the loan within the specified amount of time, but the need for cash is urgent enough that you can pawn the watch now and get it back later. The pawn broker will offer you a percentage of the watch’s worth, and if you agree to the terms, you will repay the loan within a specified amount of time at the specified interest rate. If you fail to meet the terms, the pawn broker will then own your grandfather’s watch and can resell it according to his pleasure. The advantages of pawning an item are that you can prevent overdraft charges at the bank (which are usually less than the cost of the loan interest) and you won’t have to worry about your credit being negatively affected. If you fail to pay back the loan, the worst thing that happens is that the pawn broker now owns the collateral. When you need small-dollar loans to get you through a financial hiccup, pawn shops in NorthernVirginia are the best places to turn, as you can’t get this type of loan from a bank or jewelry store.